Chris Witkowsky
Fund I beat its $50m target and received permission from LPs to go slightly over its $75m cap.
The deal would allow Rubenstein to sell partial stakes in several assets, which will support his investment in the Baltimore Orioles Major League Baseball franchise, sources said.
The deal is part of a wave of LP secondaries that are being driven by fund investors' desire to get proceeds from older funds.
Buyers have a chance to seize on more proprietary deal flow in the small end of the market, with many processes not run by a banker.
Ex-Wynnchurch exec launches new shop FalconPoint with focus on ‘essential products and services’
FalconPoint plans on making two to three investments per year, a pace that will allow the firm to dig into the operations of each investment.
I’ve talked to LPs who feel that key-person provisions have become diluted as they are spread across larger groups of partners, rather than one or two main individuals, essentially de-fanging such protections.
The firm also closed a large secondary deal that raised about $2.1bn, which the firm combines to consider a total fundraising of more than $24bn, sources told Buyouts.
Reflecting the founders’ backgrounds, Crosspoint has a heavy focus on operational experts on its deal team, but has lost some investment professionals in recent years.
While Leonard Green’s transaction is giving cash-out LPs the benefit of both processes, the 'quick flip' issue remains controversial in continuation fund deals where assets are quickly exited.
Hollyport closed its eighth flagship fund, along with its first-ever co-investment vehicle, at the end of 2022 on more than $2.2bn.
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